If the amount that you are putting aside is not sufficient to keep you comfortable in retirement, then you need to start thinking of ways to cut your expenses so that you can add more to It may not seem like much, but you’ll be very glad of the extra padding to your account once you start seriously thinking about retirement.Ģ. If your employer offers a 401k retirement plan, make sure you at least save enough to qualify for their matching contribution. Just putting some money into a retirement account is a step in the right direction. It doesn’t matter if the amount of money you think you can afford to save is relatively low. Start putting money aside right this minute. Instead, they need to make a plan for the next 15 to 20 years:ġ. If you’ve already received your AARP card and still have not started putting money aside for your retirement, those charts showing how much compound interest will earn you if you start saving in your 20s are depressing at best.īut workers in that situation can’t afford to wallow in their “if only!” feelings, even though they might want to. This is particularly true when it comes to retirement savings. Shoulda coulda woulda is singularly unhelpful in those situations. The important advice is what you should do to correct those old mistakes. But we’re all able to easily identify the mistakes we’ve made in the past. Sometimes, it seems as though personal finance advice is all about what you should have done.
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